MIRA
INFORM REPORT
|
Report Date : |
27.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
AUROBINDO PHARMA LIMITED |
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Registered
Office : |
Plot No. 2, Maithri Vihar, Behind Maithri Vanam, Ameerpet,
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
26.12.1986 |
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Com. Reg. No.: |
01-15190 |
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Capital
Investment / Paid-up Capital : |
Rs.291.100
Millions |
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CIN No.: [Company Identification
No.] |
L24239AP1986PLC015190 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDA01477A |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturing and Marketing Bulk Drugs, Formulations, Tablets and
Capsules, Syrups and Injectiables. |
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No. of Employees
: |
8635 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 99730000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a well established and a reputed company having a fine track
record. It has incurred some loss during 2012. However, financial position of the company appears to be sound and
healthy. Directors are reported to be well experienced and knowledgeable
businessmen. Trade relations are reported as trustworthy. Business is active.
Payment terms are regular and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
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Rating |
AA |
|
Rating Explanation |
Having very low default risk. It indicate very strong capacity for
payment of financial commitments. |
|
Date |
November 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
Management non co-operative [91-40-23741084]
LOCATIONS
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Registered/Corporate Office : |
Plot No. 2, Maithri Vihar, Behind Maithri Vanam, Ameerpet,
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Tel. No.: |
91-40-23741083 / 23741084 / 23744919 / 66725000 / 66725401 |
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Fax No.: |
91-40-23746833 / 23741080 / 23748112 |
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E-Mail : |
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Website : |
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Factory 1 : |
Unit - I Survey
No.379,385,386,388 to 396 and 269, Borpatla, Hatnoor Mandal, Medak District,
502 296, |
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Factory 2 : |
Unit-II Plot No.103/A
and 104/A, SVCIE, Industrial Development Area, Bollaram, Jinnaram (Mandal)
Medak District, 500 092, |
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Factory 3 : |
Unit-III Survey No.313
and 314 Bachupally, Quthubullapur Mandal, Range Reddy District, 500 090, |
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Factory 4 : |
Unit-IV Plot No.4 in Survey
No.151 and Plot Nos.34 to 48 in Survey No. part of 146, 150, 151, 152,
153 and 154 situated in Phase-III, SPIIC, EPIP, IDA, Pashamylaram, Patancheru
Mandal, Medak District, 502 307, Andhra Pradesh, India |
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Factory 5 : |
Unit-V Plot No.68 to 70, 73 to 91, 95, 96, 260 and 261 Industrial Development
Area, Chemical Zone, Pashamylaram, Patancheru Mandal, Medak District, 502
307, Andhra Pradesh, India |
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Factory 6 : |
Unit-VI Survey No. 329/39
and 329/47, Chitkul Village, Patancheru Mandal, Medak District, 502 307,
Andhra Pradesh, India |
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Factory 7 : |
Unit-VII (SEZ) Sy.Nos.411/P,
425/P, 434/P, 435/P and 458/P, Plot No.S1(Part), Special Economic Zone (Pharma),
APIIC, Green Industrial Park, Polepally Village, Jedcherla Mandal, Mahaboob
Nagar, 509 302, Andhra Pradesh, India |
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Factory 8 : |
Unit-VIII Survey No.10 and
13, Gaddapothram, Industrial Development Area - Kazipally Industrial Area,
Jinnaram Mandal, Medak District, 502 319, |
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Factory 9 : |
Unit-IX Survey No.369,
370 371 and 374, Gundlamachanoor, Hatnoora Mandal, Medak District, 502 296, |
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Factory 10 : |
Unit-X B-2, Sipcot, Industrial Complex, Kudikadu, Cuddalore 607 005, |
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Factory 11 : |
Unit-XI Survey No.61-66,
Industrial Development Area, Pydibhimavaram, Ranasthalam Mandal, Srikakulam,
532 409, |
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Factory 12 : |
Unit-XII Survey No.314,
Bachupally, Quthubullapur Mandal, Range Reddy District, 500 090, |
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Factory 13 : |
Bhiwadi Unit 1128, RIICO
Phase-III, Bhiwadi, 301 019, |
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APLRC – I |
Survey No.313 and 314 Bachupally, Quthubullapur Mandal, Ranga Reddy
District - 500 090, |
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APLRC - II |
Survey No.71 and 72, 502203, |
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Overseas Office
: |
Aurobindo - North America, |
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Tel. No.: |
+1 732 839 9400 X 4066 |
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E-Mail : |
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Research Centre
: |
Survey No. 313, |
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Branch/ Representative Offices : |
Ethiopia E-mail: aravindbabum@aurobindo.com
Vietnam Ares Block, Tel: ++ 44 20 8845 8811 Contact Person: Mr. V. Muralidharan E-mail: vmurali@aurobindo.com Hong Kong
|
DIRECTORS
(AS ON 31.03.2012)
|
Name : |
Mr. P.V. Ramprasad Reddy |
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Designation : |
Chairman |
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Date of Birth/Age : |
1958
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Qualification : |
Post-Graduate |
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Name : |
Mr. K. Nityananda Reddy |
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Designation : |
Managing Director |
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Date of Birth/Age : |
1958 |
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Qualification : |
Masters Degree in Science (Organic Chemistry) |
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Name : |
Mr. M. Madan Mohan Reddy |
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Designation : |
Whole-Time Director |
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Date of Birth/Age : |
1960 |
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Qualification : |
Masters Degree in Science (Organic
Chemistry) |
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Name : |
Dr. M. Sivakumaran |
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Designation : |
Whole-Time Director |
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Date of Birth/Age : |
1943 |
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Qualification : |
Masters Degree in Science |
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Experience : |
39 years |
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Name : |
Mr. M. Sitarama Murthy |
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Designation : |
Non-Executive Director |
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Date of Birth/Age : |
1943 |
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Qualification : |
Masters in Electronics |
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Name : |
Dr. P. L. Sanjeev Reddy
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Designation : |
Non-Eecutive
Director |
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Date of Birth/Age : |
1940 |
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Qualification : |
Masters in Economics, DID Postgraduate
Diploma in Development of Studies |
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Name : |
Dr. D. Rajagopala Reddy |
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Designation : |
Non-Executive Director |
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Date of Birth/Age : |
1959 |
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Qualification : |
Master's Degree in Science |
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Name : |
Mr. K. Ragunathan |
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Designation : |
Non-executive Director |
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Date of Birth/Age : |
1963 |
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Experience : |
27 years |
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Name : |
Mr. P. Sarath Chandra
Reddy |
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Designation : |
Non Executive Director |
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Date of Birth/Age : |
1985 |
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Qualification : |
Graduate in Business Administration |
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Name : |
Dr. C. Channa Reddy |
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Designation : |
Non-Executive Director |
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Date of Birth/Age : |
1944 |
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Name : |
Mr. N. Govindarajan, |
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Designation : |
Managing Director |
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Date of Birth/Age : |
1968 |
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Qualification : |
B.E. (Mechanical) |
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Name : |
Mr. Ravindra Y. Shenoy |
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Designation : |
Joint Managing Director |
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Date of Birth/Age : |
1970 |
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Qualification : |
Commerce Graduate, CWA, CS, DBF, MBA -
Finance (NMIMS) |
KEY EXECUTIVES
|
Name : |
Mr. Sudhir B Singhi |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. A. Mohan Rami Reddy |
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Designation : |
General Manager (Legal) and Company Secretary |
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Name : |
Mr. Tathagato Roychoudhury |
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Designation : |
Manager-Investor Relations |
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Name : |
Mr. Prasad Mangipudi |
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Designation : |
Vice President - International Marketing |
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Name : |
Mr. Mahesh Pinnamaneni |
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Designation : |
Head of Information Technology |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of
Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
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(A) Shareholding
of Promoter and Promoter Group |
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|
151004238 |
51.87 |
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|
8408745 |
2.89 |
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|
159412983 |
54.76 |
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Total
shareholding of Promoter and Promoter Group (A) |
159412983 |
54.76 |
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(B) Public
Shareholding |
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|
32786814 |
11.26 |
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|
5794748 |
1.99 |
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|
7293440 |
2.51 |
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|
42678295 |
14.66 |
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|
88553297 |
30.42 |
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|
15818718 |
5.43 |
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|
23919043 |
8.22 |
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|
1225616 |
0.42 |
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|
2191633 |
0.75 |
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|
1355311 |
0.47 |
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|
565282 |
0.19 |
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|
271040 |
0.09 |
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|
43155010 |
14.82 |
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Total Public
shareholding (B) |
131708307 |
45.24 |
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Total (A)+(B) |
291121290 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total
(A)+(B)+(C) |
291121290 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Bulk Drugs, Formulations, Tablets and
Capsules, Syrups and Injectables. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Bulk Drugs and Drug Intermediates |
Tonnes |
11614 |
12254 |
|
Formulations Tablets and Capsules |
Nos. (in lakhs) |
186024 |
136024 |
|
Injectibles |
Nos. |
91720000 |
91720000 |
|
Syrups |
Nos. |
48890000 |
46853000 |
NOTES:
·
Licensed capacities not stated in view of abolition
of industrial licensing for all of the above Bulk Pharmaceutical Substances (including
intermediates) and Dosage Forms vide Notification No.F.No.10(11)/92-LP dated
October 25, 1994 issued by the Government of India.
·
The capacity mentioned above is annual capacity
based on maximum utilization of plant and machinery. Based on product mix the
quantity of installed capacity may vary.
·
The annual installed capacities are as certified by
management and not verified by the Auditors, being a technical matter.
·
Production includes quantities processed by loan
licensees.
GENERAL INFORMATION
|
No. of Employees : |
8635 (Approximately) |
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Bankers : |
· Andhra Bank · HDFC Bank Limited · ICICI Bank Limited · IDBI Bank Limited · Standard Chartered Bank ·
State Bank of · State Bank of India · ANZ Grindlays Bank Limited, 5-9-234, M.G. Road, Abid, Hyderabad-500001, Andhra Pradesh, India · Canara Bank, India · Punjab National Bank, Musheerabad Branch, Hyderabad-500020, Andhra Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
Statutory
Auditors S R Batliboi and Company Chartered Accountants 205, Ashoka Bhoopal Chambers, Internal
Auditors KPMG 1st Floor, Lodha Excelus, Apollo Mills Compound, N M Joshi
Marg, Mahalakshmi, Mumbai – 400 011, |
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Subsidiary : |
·
Pharma Thai Limited, ·
ALL Pharma ( ·
Aurobindo Pharma U.S.A. Inc, ·
Aurobindo Pharma Industria Farmaceutica Ltda, ·
Helix Healthcare B.V., The ·
APL Holdings (Jersey) Limited, ·
Aurobindo Pharma Produtos Farmaceuticos Ltda, ·
APL Health Care Limited, ·
Auronext Pharma (Private) Limited, ·
APL Research Centre Limited, ·
Auro Pharma Inc., ·
Aurobindo Pharma (Pty) Limited, ·
Aurobindo Pharma ( ·
Agile Pharma B.V., The ·
Aurobindo Pharma ·
Aurobindo Switzerland AG, ·
Auro Healthcare ( ·
Aurobindo ILAC Sanayi ve Ticaret Limited, ·
Aurobindo Pharma ( ·
Aurobindo Pharma Limited, s.r.l., ·
Aurobindo Pharma ·
Pharmacin B.V., The ·
Aurobindo Pharma ·
Aurobindo Pharma ( ·
Aurobindo Pharma ( ·
Aurobindo Pharma ·
Laboratorios Aurobindo S L, ·
Agile Malta Holdings Limited, ·
Aurobindo Pharma B.V., The ·
Aurobindo Pharma ( ·
Aurobindo Pharma ( ·
Aurobindo Pharma (Italia) ·
Agile Pharma ( ·
Aurobindo Pharma ( ·
APL IP Company Limited, ·
APL Swift Services ( ·
Milpharm Limited, ·
Aurolife Pharma ·
Auro Peptides Limited, ·
Auro Medics Pharma ·
Aurobindo Pharma NZ Limited, ·
Aurovida Farmaceutica SA DE CV, ·
Aurobindo ( ·
Aurex Generics Limited, ·
Zao Express ·
Aurobindo ·
Sia ·
Aurobindo Pharma ( |
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|
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Joint Ventures : |
·
Aurosal Pharmaceuticals ·
Novagen Pharma (Pty) Limited, ·
Zao · Cephazone Pharma LLC, U.S.A, (Joint venture of a subsidiary) (Disposed w.e.f. October 1, 2010) |
|
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|
Enterprises over which key management personnel or relatives exercise
significant influence : |
·
Pravesha Industries Private Limited, ·
Sri ·
Trident Chemphar Limited, ·
Auropro Soft Systems Private Limited, ·
Axis Clinicals Limited, ·
Pranit Projects Private Limited, ·
Pranit Packaging Private Limited, ·
Matri Mirra Packaging Private Limited, |
CAPITAL STRUCTURE
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
660000000 |
Equity Shares |
Rs.1/- each |
Rs.660.000 Millions |
|
1000000 |
Preference Shares |
Rs.100/-each |
Rs.100.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.760.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
291121290 |
Equity Shares |
Rs.1/- each |
Rs.291.100
Millions |
|
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|
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
291.100 |
291.100 |
278.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
24640.600 |
25405.000 |
18865.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
24931.700 |
25696.100 |
19143.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
14930.300 |
10380.100 |
7022.500 |
|
|
2] Unsecured Loans |
9489.200 |
6578.400 |
12425.300 |
|
|
TOTAL BORROWING |
24419.500 |
16958.500 |
19447.800 |
|
|
DEFERRED TAX LIABILITIES |
37.900 |
1218.200 |
950.700 |
|
|
|
|
|
|
|
|
TOTAL |
49389.100 |
43872.800 |
39542.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
16267.400 |
13498.900 |
10453.400 |
|
|
Capital work-in-progress |
5580.800 |
5367.300 |
4994.700 |
|
|
|
|
|
|
|
|
INVESTMENT |
6290.000 |
4930.800 |
3709.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12192.600
|
12610.200
|
9448.200
|
|
|
Sundry Debtors |
14262.800
|
14802.900
|
11513.500
|
|
|
Cash & Bank Balances |
140.100
|
1222.100
|
45.600
|
|
|
Other Current Assets |
768.700
|
264.300
|
46.500
|
|
|
Loans & Advances |
4409.700
|
5715.200
|
5729.800
|
|
Total
Current Assets |
31773.900
|
34614.700
|
26783.600
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
5848.500
|
7331.400
|
5142.700
|
|
|
Other Current Liabilities |
4057.800
|
6633.300
|
945.600
|
|
|
Provisions |
616.700
|
574.200
|
310.400
|
|
Total
Current Liabilities |
10523.000
|
14538.900
|
6398.700
|
|
|
Net Current Assets |
21250.900
|
20075.800
|
20384.900
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
49389.100 |
43872.800 |
39542.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
42814.500 |
41331.200 |
32522.700 |
|
|
|
Other Income |
190.600 |
570.100 |
1083.800 |
|
|
|
TOTAL |
43005.100 |
41901.300 |
33606.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
(Increase) in work in progress and finished goods |
898.700 |
(1363.800) |
(1474.800) |
|
|
|
Materials Consumed |
23932.900 |
23286.300 |
18777.500 |
|
|
|
Purchase of trading goods |
355.200 |
85.300 |
193.600 |
|
|
|
Other Manufacturing Expenses |
0.000 |
0.000 |
3185.700 |
|
|
|
Employee costs |
3641.000 |
3036.000 |
2326.200 |
|
|
|
Administrative, Selling and Other Expenses |
8251.700 |
6715.300 |
2018.900 |
|
|
|
TOTAL |
37079.500 |
31759.100 |
25027.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
5925.600 |
10142.200 |
8579.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
2675.800 |
550.200 |
523.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3249.800 |
9592.000 |
8056.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1429.400 |
1250.400 |
954.600 |
|
|
|
|
|
|
|
|
|
Less |
Exceptional
Items |
3198.600 |
287.100 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(1378.200) |
8054.500 |
7101.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(952.100) |
2116.500 |
1843.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(426.100) |
5938.000 |
5257.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
10900.900 |
6493.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
On Equity Shares
of Rs.1 each Proposed dividend @ Rs.1 |
NA |
291.100 |
111.500 |
|
|
|
Interim dividend paid @ Rs.1 |
NA |
296.100 |
165.900 |
|
|
|
Tax on dividend |
NA |
96.400 |
46.700 |
|
|
|
Transfer to General Reserve |
NA |
593.800 |
525.800 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
15561.500 |
10900.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports on F.O.B. basis |
29239.900 |
26969.800 |
20863.700 |
|
|
|
Interest |
16.600 |
32.700 |
80.200 |
|
|
|
|
523.500 |
2320.700 |
1178.600 |
|
|
TOTAL EARNINGS |
29780.000 |
29323.200 |
22122.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and packing materials |
13845.100 |
15061.500 |
12290.100 |
|
|
|
Capital Goods |
730.400 |
827.400 |
778.600 |
|
|
|
Stores, Spares and Consumables |
123.400 |
142.900 |
106.500 |
|
|
TOTAL IMPORTS |
14698.900 |
16031.800 |
13175.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
-
Basic |
(1.46) |
20.63 |
19.42 |
|
|
|
-
Diluted |
(1.46) |
18.56 |
16.63 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
11295.300 |
13912.700 |
1,4313.700 |
|
Total Expenditure |
11374.200 |
11540.500 |
1,2138.300 |
|
PBIDT (Excl OI) |
(78.900) |
2372.200 |
2175.400 |
|
Other Income |
10.800 |
1310.700 |
10.800 |
|
Operating Profit |
(68.100) |
3682.900 |
2186.200 |
|
Interest |
303.000 |
299.900 |
285.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(371.100) |
3383.000 |
1901.200 |
|
Depreciation |
410.400 |
421.300 |
422.400 |
|
Profit Before Tax |
(781.500) |
2961.700 |
1478.800 |
|
Tax |
(283.100) |
581.600 |
36.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(498.400) |
2380.100 |
1442.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(498.400) |
2380.100 |
1442.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1.00)
|
14.17
|
15.64
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.22)
|
19.49
|
21.84
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.87)
|
16.74
|
19.07
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.06)
|
0.31
|
0.37
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.40
|
1.23
|
1.35
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.02
|
2.38
|
4.19
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
------------------------------------------------------------------------------------------------------------------------------
CASE STATUS
INFORMANT
CEA 89/2012
CEASR 4385/2012 CASE IS: PENDING
|
PETITIONER |
RESPONDENT |
|
|
|
|
The commissioner of Customer and Central
Excise, Hyd |
VS Aurobindo
Pharma Limited, (Unit – VIII) |
|
|
|
|
Pet. Adv.:
Gopalakrishna Gokhaley |
RESP. ADV.: |
|
|
|
|
Subject: Central
Excise Appeal |
District: Medak |
|
|
|
|
Filing Date:
18.10.2012 |
Posting Stage:
Admission (Other Subject) |
|
Reg. Date:
19.10.2012 |
Listing Date:
25.02.2013
Status: ------- |
|
|
|
|
HON’BLE
JUDGE(S): GODA
RAGHURAM
M. S. RAMACHNDRA RAO |
|
------------------------------------------------------------------------------------------------------------------------------
UNSECURED LOANS
|
Particular |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Other loans |
|
|
|
FCCBs |
0.000 |
0.000 |
|
Deferred sales tax loan |
706.200 |
735.900 |
|
Loans repayable on demand from banks - working capital loans |
|
|
|
Buyers credit |
878.500 |
386.100 |
|
Packing credit loans |
7654.500 |
5456.400 |
|
Short term loans from banks |
250.000 |
0.000 |
|
|
|
|
|
Total |
9489.200 |
6578.400 |
FINANCIAL
HIGHLIGHTS
The Company's performance must be viewed against an extremely
challenging year for the western economies and a highly volatile currency with
a tendency to turn weak. Several of the advanced markets that they deal with
experienced weak growth, while the emerging markets were implementing policies
to dampen inflation. While these undermined business confidence, the volatile
rupee biased towards a weakening trend added to the pressure throughout the
financial year.
The first half of the current fiscal was challenging on account of lower
formulation sales, full impact of the USFDA alert on Unit VI Cephalosporin
manufacturing facility, subdued demand environment in Europe, disruption in
operations due to regional unrest and exchange loss on repayment of foreign currency
borrowings.
The fact that they achieved remarkable presence in each of their
markets, improved their volume sales and earned steadily growing margins,
underlines the robust business that company has created and the benefit of the
actions the company has taken to optimize operations and hold costs on a
sustainable basis. However, there was a decline in dossier income by `1958
million on year-on-year basis. Dossier income is non-recurring and subject to
periodic variability. The
Despite constraints, consolidated net operating income was Rs.46274
million showing a growth of 5.6% over the previous year. Gross sales from
formulations have been at Rs.26020 million, which is 7.4% higher on
year-on-year basis.
The ARV sales have grown by 13.4% to `7866 million during the year
Europe and the rest of the world geographies recorded a sale of Rs.6315
million, thereby growing at 17% over the financial year 2010-11. Gross sales
from API have been at Rs.20634 million which is 14.5% higher over the
corresponding previous fiscal while the SSP sales grew by 11.4%. There is a
decline in Cephalosporin sales to the extent 11.8%.
However, non-betalactam (non-penicillin and non-cephalosporin) product
sales has seen a rapid growth at 76% at Rs.6870 million during the year over
Rs.3901 million last year.
Profit from operations before other income, finance costs, foreign
exchange gain/loss, exceptional items, depreciation/ amortization and tax for
the year was `6101 million which is 13.2% of net operating income, declined as
compared to the previous year by 36.7%.
As already referred, EBITDA was impacted due to lower dossier income by
`1958 million. Loss of margin is mainly due to full year sales impact on USFDA
alert on Unit-VI, material consumption to net sales higher by 2.5% on account
of change in sales mix, increase in staff cost by 1.4% mainly due to the new
hiring in Europe and USA, increase in other expenses such as power, fuels,
consumables and freight by 1.2%. Further, the Company booked redemption premium
of Rs.3198.6 million while the outstanding FCCBs were redeemed on due date in
the first quarter of the financial year.
As far as foreign exchange is concerned, the closing rupee dollar rate
was Rs.50.875 on March 31, 2012 while it was Rs.44.595 on March 31, 2011. The
rupee has been highly volatile and depreciated by 14.1% during the financial
year. This has resulted in a net exchange loss of Rs.2232.900 million during
the year includes an amount of Rs.1744.7 millions on borrowings adjusted to
finance charges. It has also increased the Company's borrowings by
approximately Rs.3500 million as on March 31, 2012 on account of restatement.
REVIEW OF OPERATIONS
The Company consolidated its business during the year and climbed the
value chain by focusing on quality of its processes and products, controlling
the variable costs, building on its relationship with its customers and
enhancing the commitment towards environment, health and safety.
On the product and process front, the Company worked on time cycle
reductions by practicing lean manufacturing concepts to improve productivity.
Similarly, process stabilization efforts increased yields, while newer methods
of recycling of solvents added to by-product recoveries. Energy costs account
for approximately 5.75% of total revenue and the organization was audited and
sensitized to make judicious and effective use of energy to minimize costs,
strive for saving potential of 12% and enhance competitive position.
Several scale up efforts were attempted successfully which helped launch
new products. A new API plant was commissioned to cater exclusively to the quality
conscious Japanese market. Members would be gratified to note that the company
has been launching one new product in major markets, every month.
Despite increasing the product base and stepping up volume deliveries,
the capacity utilization is at around 50% in formulation facilities and about
70% in the API units. The investments made in the past in vertically integrated
mega manufacturing facilities have provided headroom for growth and enabled the
Company to compete better for several more quarters. The built-in manufacturing
flexibility offers Aurobindo the opportunity to optimize its product mix,
reduce the timeto-launch new products after regulatory approvals and provide
customers a single-window approach to draw from the large basket of approved
products from Aurobindo.
OUTLOOK
Subject’s growth strategy will be to work towards profitable growth,
focus on high value products, ramp up its operations, with higher utilization
of capacities for top ten products both in APIs and formulations and deliver
larger volume of existing products and by commercializing newer products that
have received regulatory approvals. The Company has a basket of largest number
of approved products. For instance, the regulatory approvals for generics
(ANDAs) as at March 31, 2011 were 133 which stood increased to 145 as at March
31, 2012.
The Company's manufacturing facilities are approved by several leading
regulatory agencies like US FDA, UK MHRA, WHO, Health
The Company has benefited from several learning opportunities to improve
its processes with specific emphasis on quality and regulatory requirements. At
the same time, Aurobindo believes that improvements need to be closely
monitored internally as a dynamic day-to-day exercise and every effort made to
meet/ exceed expectations. The level of vigilance has been raised to offer
excellence through proactive initiatives to carve out more focus and add
impetus to the quality culture in the production process. The accountability
levels stand enhanced with responsibility for vendor quality, adherence to
quality management systems and post-marketing surveillance.
The Company has a mutually advantageous relationship with some of the
best pharma companies globally, who have shown enormous trust in Aurobindo
meeting their market needs. The Company will continue to strive building a
strong relationship and be a dependable resource for all of them. Their
feedback has been positive in areas such as collaboration, order handling and
product quality which helped the Company to further hone its systems and processes.
Systematic monitoring and management of customer relationships, reliable
processes and enhanced product quality has enabled Aurobindo to understand and
meet their needs and expectations.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC
BACKGROUND
According to the Economic Survey 2011-12, Indian economy is estimated to grow at 6.9% in 2011-12 and is expected to be around 7.6% in 2012-13. The growth has been broad based with a rebound in the agriculture sector which is expected to grow around 2.5%. Manufacturing and services sector also have registered impressive gains. The Survey reports that the industrial output growth rate was 3.9% while the services sector registered a growth rate of 9.4% in 2011-12.
In order to review the performance of Aurobindo in the financial year 2011-12, it will be relevant to comprehend the prevailing backdrop:
·
· Cumulative exports recorded during 2011-12 (April-January) stood at USD 242.8 billion, registering a growth of 23.5%;
· Imports in 2011-12 (April-January) at USD 391.5 billion registered a growth of 29.4%;
· Forex reserves stood at USD 292.6 billion at end of January 2012;
· Services sector grew by 9.4%, its share in gross domestic product (GDP) goes upto 59%
· Industrial growth is estimated to be 3.9%, expected to improve as economic recovery resumes;
· Foreign trade performance to remain a key driver of growth;
· Net capital flows stood at USD 41.1 billion in the first half of 2011-12, remained higher as compared to USD 38.9 billion in the first half of 2010-11;
·
The year was also adversely affected by severe inflationary pressures, rising interest costs, volatile rupee-dollar ratio with a tendency to get weaker and currency concerns in almost all trading partner-countries.
Despite the macro strains and likely headwind of double-dip
recessions in Europe and the
INDUSTRY
PERSPECTIVE
After a brief period of sluggishness, the growth momentum in the
domestic formulations market appears to be back on track.
Structural demand drivers include:
a. rising household income levels;
b. increasing prevalence of lifestyle related diseases;
c. improving healthcare infrastructure/delivery systems; and
d. rising penetration in smaller towns and rural areas continue to
support long term growth.
However, competitive pressures in the domestic market are likely to
sustain as MNCs become aggressive and domestic companies leverage on their
expanded field force. Potential regulatory interventions could put pressure or
hurt pricing.
A large number of patent expirations continue to offer strong growth
prospects for generic players in the developed markets. In the recent quarters,
a peer set of seven leading generic players have reported a fairly strong
revenue growth in the
Significantly, the quality of filings by major Indian companies has also
significantly improved over the years with complex molecules, non-orals (i.e.
inhalers, injectables, oral contraceptive, ophthalmic etc) and Para IV/FTFs
forming increased share of the pipeline. Globally, generics players however,
continue to face competitive environment with increasingly crowded space for
filing ANDAs and Para IV challenges and aggressive product life cycle
management strategies of large innovator companies. Price erosion, especially
through regulatory interventions, remains a foremost challenge in the European
markets, while presence in limited competition product segments and
over-the-counter (OTCs) segment offers some protection for margins. Most
developed markets continue to move away from branded generics to commoditized
un-branded generics and lower margin tender based business. Amongst new
frontiers, Japanese generic market offers large potential, though there are
significant challenges.
In the
In the European markets, while companies may face pressure on
profitability, volume growth would continue as healthcare reforms initiated by
governments would push growth in generics. Emerging markets, with growing spend
on healthcare and strong branded generic markets offer profitable growth
opportunities for formulations business. Besides emerging markets, the
gradually evolving generics opportunity in
On the CRAMS front, Indian players are focusing on providing services
across the value chain spanning from development stage to commercial scale
production. Relatively lower exposure to small biotech companies has been a
risk mitigant during the downturn for these entities. With several drugs going
off-patent and big pharma increasing their exposure to cost efficient sourcing
locations, opportunities remain favorable for CRAMS players to provide
developmental services and subsequently graduate to commercial scale
production.
Key challenges facing the industry are potential implementation of the
new pricing policy in
Patent expirations, weak pipeline quality and increasing focus by
governments to reduce healthcare costs continue to exert pressure on innovator
companies which supports outsourcing to low-cost nations. Despite challenges,
leading Indian players continue to exhibit strong profitability indicators
(excluding onetime instances like exclusivity-related aberrations or impact of
foreign exchange fluctuations) and credit metrics. These strengths
are also reflected in their strong credit profile.
Overall, outlook on the Indian pharmaceutical companies remains
favorable as earnings growth will continue with companies benefitting from an
expanding domestic market, strong growth potential in developed markets on the
back of patent expiries and potential outsourcing opportunities. Investments
including capital expenditure are likely to remain buoyant over the medium
term. Balance sheets of major pharmaceutical companies continue to remain
strong providing adequate room for fund raising.
OUTLOOK
Subject has set ambitious goals for the years through to 2015 in
expectation of a moderate upward trend in the global economy. The Company has
world-class manufacturing facilities and an enviable basket of approved markets
and strong relationship built with some of the best names in the pharma
industry. The management team has set in motion a set of strategic initiatives
to improve the revenues and profitability of the Company.
The focus will be on expanding the markets and the profitability of the
portfolio will be analyzed on a continual basis. By implementing these
strategies, company aims to increase its revenues, EBITDA margin and Return on
Investment higher than the industry average. The Company is targeting to be
cash flow positive, which would lower the leverage as well as reduce interest
outgo, all of which are expected to translate in to growing earnings per share.
CONTINGENT LIABILITIES
|
Particulars |
As on 31.03.2012 Rs. in millions |
As on 31.03.2011 Rs. in millions |
|
|
|
|
|
Outstanding bank guarantees |
391.900 |
341.400 |
|
Claims arising from disputes not acknowledged as debts relating to |
|
|
|
- indirect taxes (Excise duty and Service tax) |
140.700 |
90.600 |
|
- direct taxes |
105.000 |
100.000 |
|
Claims against the Company not acknowledged as debts |
23.700 |
20.400 |
|
Premium on potential redemption of FCCBs |
0.000 |
-- |
FIXED ASSETS
·
·
·
Leasehold buildings
·
Freehold buildings
·
Plant and Machinery
·
Furniture and Fittings
·
Vehicles
·
Office Equipment
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER & NINE MONTHS ENDED 31.12.2012
(RS. IN MILLIONS)
|
|
Particulars |
Standalone |
||
|
Three months ended |
Nine months ended |
|||
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Income
from operations |
|
|
|
|
|
(a) Net sales/income
from operations (Net of excise duty) |
14126.300 |
13724.800 |
38976.700 |
|
|
(b)
Other operating income |
187.400 |
187.900 |
545.000 |
|
|
Total
income from operations (net) |
14313.700 |
13912.700 |
39521.700 |
|
|
|
|
|
|
|
2 |
Expenses |
|
|
|
|
|
(a) Cost
of material consumed |
8542.300 |
8054.700 |
23214.200 |
|
|
(b)
Purchase of stock-in-trade |
222.900 |
150.200 |
613.800 |
|
|
(c)
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(887.300) |
(268.400) |
(1750.500) |
|
|
(d)
Employee benefits expense |
1099.500 |
1080.900 |
3201.600 |
|
|
(e)
Depreciation and amortisation expense |
422.400 |
421.300 |
1254.100 |
|
|
(f)
Provision for decline in the value of long-term investment |
- |
180.000 |
180.000 |
|
|
(g)
Other expenses |
2511.300 |
2343.100 |
70118 |
|
|
Total
expenses |
11911.100 |
11961.800 |
337250 |
|
|
|
|
|
|
|
3 |
Prof)/(Loss)
from operations before other income, finance costs, foreign exchange (gain)/
loss and exceptional items (1-2) |
2402.600 |
1950.900 |
57967 |
|
|
|
|
|
|
|
4 |
Other
Income |
10.800 |
62.200 |
83.800 |
|
|
|
|
|
|
|
5 |
Profit/(Loss)
from ordinary activities before finance costs, foreign exchange (gain)/ loss and
exceptional items (3+4) |
2413.400 |
2013.100 |
5880.500 |
|
|
|
|
|
|
|
6 |
Finance
costs (refer note 7) |
285.000 |
299.900 |
887.900 |
|
|
|
|
|
|
|
7 |
Foreign
exchange (Gain)/Loss (refer note 7 ) |
649.600 |
(1248.500) |
1333.600 |
|
|
|
|
|
|
|
8 |
Profit/(Loss)
from ordinary activities after finance costs but before exceptional items
(5-6-7) |
1478.800 |
2961.700 |
3659.000 |
|
|
|
|
|
|
|
9 |
Exceptional
item |
-- |
-- |
-- |
|
|
|
|
|
|
|
10 |
Profit /(Loss)
from ordinary activities before tax (8-9) |
1478.800 |
2961.700 |
3659.000 |
|
|
|
|
|
|
|
11 |
Tax
expense/ (credit) |
36.000 |
581.600 |
334.500 |
|
|
|
|
|
|
|
12 |
Net
Profit /(Loss) for the period (10-11) |
1442.800 |
2380.100 |
3324.500 |
|
|
|
|
|
|
|
13 |
Minority
Interest |
-- |
-- |
-- |
|
|
|
|
|
|
|
14 |
Net
Profi)/(Loss) after taxes and minority interest (12-13) |
1442.800 |
2380.100 |
3324.500 |
|
|
|
|
|
|
|
15 |
Paid-up
Equity Share Capital (Face value Re. 1 per share) |
291.100 |
291.100 |
291.100 |
|
|
|
|
|
|
|
16 |
Reserves
excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
17 |
Earnings per share of Re.1/- each (not
annualised) |
|
|
|
|
|
(a)
Basic |
4.96 |
8.17 |
11.42 |
|
|
(b)
Diluted |
4.96 |
8.17 |
11.42 |
SELECT INFORMATION FOR THE QUARTER & NINE MONTHS ENDED 31.12.2012
|
|
Particulars |
Three
months ended |
Nine
months ended |
|
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public
Shareholding |
|
|
|
|
|
- Number
of Shares |
131,708,307 |
131,708,307 |
131,708,307 |
|
|
-
Percentage of Shareholding |
45.24 |
45.24 |
45.24 |
|
|
|
|
|
|
|
2 |
Promoters and promoter group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number
of Shares |
35,932,297 |
34,300,902 |
35,932,297 |
|
|
-
Percentage of Shares (as a % of the total shareholding of promoter &
promoter group) |
22.54 |
21.52 |
22.54 |
|
|
- Percentage
of Shares (as a % of the total share capital of the company) |
12.34 |
11.78 |
12.34 |
|
|
|
|
|
|
|
|
b) Non-encumbered |
|
|
|
|
|
- Number
of Shares |
123,480,686 |
125,112,081 |
123,480,686 |
|
|
- Percentage
of Shares (as a % of the total shareholding of promoter & promoter group) |
77.46 |
78.48 |
77.46 |
|
|
-
Percentage of Shares (as a % of the total share capital of the company) |
42.42 |
42.98 |
42.42 |
|
|
Particulars |
Three months ended 31.12.2012 |
|
b |
INVESTOR
COMPLAINTS |
|
|
|
Pending at the beginning
of the quarter |
Nil |
|
|
Received during the
quarter |
51 |
|
|
Disposed of during the
quarter |
50 |
|
|
Remaining unresolved at
the end of the quarter |
1 |
PRESS RELEASE:
Aurobindo Pharma
receives USFDA Finals Approvals for Pioglitazone Tablets and Pioglitazone
Hydrochloride + Metformin Hydrochloride Tablets
14th February 2013
Aurobindo Pharma Limited
is pleased to announce that the company has received final approvals from the
US Food and Drug Administration (USFDA) to manufacture and market Pioglitazone
Tablets USP 15mg, 30mg and 45mg (ANDA 200268) and its earlier tentatively
approved Pioglitazone Hydrochloride + Metformin Hydrochloride Tablets,
15mg(base)/500mg and 15mg(base)/850mg (ANDA 200823). The products are ready for
launch.
Pioglitazone
Tablets USP 15mg, 30mg, 45mg and Pioglitazone Hydrochloride + Metformin
Hydrochloride Tablets, 15mg(base)/500mg, 15mg(base)/850mg are the generic
equivalents of Takeda Global Research Development Center Inc’s Actos® Tablets 15mg, 30mg, 45mg
and Actoplus Met® Tablets, 15mg (base)/500mg, 15mg (base)/850mg respectively.
The products are indicated as an adjunct to diet and exercise to improve
glycemic control in adults with type-2 diabetes mellitus. The combined market
size of the products is approximately US$ 2.8 Billion for the twelve months
ending September 2012 according to IMS.
Aurobindo now has
a total of 177 ANDA approvals (152 Final approvals including 2 from Aurolife
Pharma LLC and 25 tentative approvals) from USFDA
About Aurobindo
Pharma Limited:
Aurobindo Pharma
Limited (www.aurobindo.com), headquartered at Hyderabad, India, manufactures
generic pharmaceuticals and active pharmaceutical ingredients. The company’s
manufacturing facilities are approved by several leading regulatory agencies
like US FDA, UK MHRA, WHO, Health Canada, MCC South Africa, ANVISA Brazil. The
company’s robust product portfolio is spread over 6 major therapeutic/product
areas encompassing Antibiotics, Anti-Retrovirals, CVS, CNS,
Gastroenterologicals, and Anti-Allergics, supported by an outstanding R&D
set-up. The Company is marketing these products
globally, in over
125 countries.
NEWS
SEE LOWER
LEVELS IN AUROBINDO PHARMACEUTICALS: SUKHANI
Mar 04, 2013
Aurobindo Pharmaceuticals has done all the wrong things on the charts, made a rounding top, a bearish head and shoulder, breaking down from support levels and giving a message that a much deeper correction is still coming in, says Sudarshan Sukhani of s2analytics.com.
Sukhani told CNBC-TV18, "One of the pities of this market is that the midcap blue-chips have cracked out. Aurobindo Pharmaceuticals was in an uptrend. First it made a bearish head and shoulder, we said, okay, let us go and sell it. Those targets are being met but while the targets on the downside are being met, a new bearish pattern has emerged, new lows have been made on the way down, which is not good news.”
He further added, “It has done all the wrong things on the charts, made a rounding top, a bearish head and shoulder, breaking down from support levels and giving a message that a much deeper correction, it is deep already, is still coming in.”
AUROBINDO TO MOVE
TRIBUNAL AGAINST ATTACHMENT OF PROPERTY
21.02.2013
Aurobindo
Pharma is preparing to challenge before the Appellate Tribunal an order that
allowed ED to take possession of attached property and fixed deposits worth Rs 129.000
Millions in connection with money laundering probe against YSR Congress chief
Jagan Mohan Reddy and associates.
Also Read: ED to confiscate properties worth Rs 1220.000 Millions in Jagan probe
Yesterday, the Adjudicating Authority of the Prevention of Money Laundering Act (PMLA) had approved two separate attachment orders valued at Rs 510.000 Millions and Rs.710.000 Millions of the agency paving way for their immediate seizure by Enforcement Directorate (ED).
"The company has full regards for law and the legal process and that it is in the process of appealing the decision before the Appellate Tribunal. The Company maintains that there has been no wrongdoing on its part," Aurobindo Pharma said in a filing to the BSE.
ED had attached 96 acres of land situated at Kota Bhogapuram Village, in Andhra Pradesh belonging to APL Research Centre Limited, a 100 per cent subsidiary of the company, along with a fixed deposit of Rs 30.000 Millions, the total value of which is equivalent to the value Rs.129.000 Millions, it added.
"The company has contested the matter before the Adjudicating Authority under the Prevention of Money Laundering Act, 2002. The Adjudicating Authority vides Order dated February 15, 2013 has confirmed the attachment," the company said.
This attachment order does not have any material implications on the current and future business operations of the company, it added. The ED had last year issued attachment orders on plots worth Rs.710.000 Millions owned by Dubai-based Emaar Properties, its joint venture Emaar MGF and others in connection with its probe into alleged irregularities in land transfer and sale of villas and apartments at Hyderabad.
The agency had also issued attachment orders on properties worth Rs.510.000 Millions as it attached more than 13 acres of land of Janani Infrastructure Private Limited and fixed deposits worth Rs.145.000 Millions of Jagati Publication Limited as "kickbacks allegedly received in lieu of granting favours" to private entities.
The attachment order, issued under stringent provisions of PMLA, was also against private companies which were "illegally benefited as a result of criminal activity" and illegal sanctions granted during the tenure of Y S Rajasekhara Reddy.
The other properties attached by the agency are 35 acres of land and fixed deposit of Rs 30.000 millions of Hetero Drugs Limited. Shares of Aurobindo Pharma today closed at Rs 179.90 apiece on the BSE, down 3.72 percent from its previous close.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.17 |
|
|
1 |
Rs.82.99 |
|
Euro |
1 |
Rs.70.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.